BTB REIT Un (TSE:BTB.UN)
TSX:BTB.UN
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BTB REIT
(TSX:BTB.UN)
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Rating:59Neutral
Price Target:
C$4.00
▼(-0.74% Downside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by steady-but-levered financials (high margins and positive cash flow, but elevated debt and softer recent profitability) and a constructive earnings outlook centered on leasing momentum and rent growth, tempered by vacancy and refinancing risk. Valuation is a positive support (low P/E and high yield), while technicals remain a notable headwind with a clear downtrend despite oversold readings.
Positive Factors
Leasing momentum & rent growth
Sustained leasing (≈742k sq ft) and +10.6% renewal rent lifts point to pricing power across office, industrial and necessity retail. Durable rent uplifts support long-term NOI and AFFO per unit, improving cash generation and distribution sustainability as leases roll.
Negative Factors
Elevated leverage
Debt ~1.5x equity materially constrains financial flexibility and raises interest-rate sensitivity. Higher leverage amplifies earnings volatility, limits ability to fund acquisitions or capital projects, and increases downside risk to distributions if cash flow weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing momentum & rent growth
Sustained leasing (≈742k sq ft) and +10.6% renewal rent lifts point to pricing power across office, industrial and necessity retail. Durable rent uplifts support long-term NOI and AFFO per unit, improving cash generation and distribution sustainability as leases roll.
Read all positive factors
BTB REIT (BTB.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$328.36M
Dividend Yield7.37%
Average Volume (3M)107.12K
Price to Earnings (P/E)10.1
Beta (1Y)0.74
Revenue Growth-3.12%
EPS Growth-41.32%
CountryCA
Employees81
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.26
Shares Outstanding88,268,680
10 Day Avg. Volume159,813
30 Day Avg. Volume107,124
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)0.74
Price to Sales (P/S)2.79
P/FCF Ratio9.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$4.13Price Target Upside2.36% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.32
Revenue Forecast (FY)C$129.15M
BTB REIT Business Overview & Revenue Model
Company Description
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. As at November 10th, 2020, BTB owns 64 retail, office and industrial properties for a total leasable area of app...
How the Company Makes Money
BTB REIT makes money primarily by earning rental revenue from tenants that lease space in its commercial properties. The core revenue stream is contractual base rent paid under lease agreements across its industrial, office, and retail portfolio. ...
BTB REIT Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call reflects a generally constructive operating backdrop: strong leasing activity, notable rent renewal increases (10.6% year), key new lease wins with no downtime, a year-over-year increase in annual cash NOI (1.9%) and a small rise in AFFO per unit. The balance sheet posture improved with lower mortgage and total debt ratios and >$30 million in liquidity. Short-term challenges include a modest Q4 revenue/NOI decline, several sizable vacancies (notably a 132k sq ft position in Montreal), quarter-over-quarter FFO/AFFO softness, and exposure to near-term refinancing given a 2.3-year average mortgage term. On net, the positive leasing momentum, rent gains, annual cash flow improvements and stronger liquidity/credit metrics outweigh the near-term operational headwinds, supporting an overall positive view heading into 2026.Positive Updates
Portfolio Size and Appraisals
BTB owns $1.2 billion of real estate; 58% of properties were externally appraised in 2025. The weighted average cap rate remained stable at 6.7% year-over-year.
Negative Updates
Quarterly Revenue and NOI Declines
Q4 rental revenue was $32.3 million, down 1% YoY. NOI and cash NOI declined by 4.4% and 5.1% respectively for the quarter versus the same period last year. Cash same-property NOI decreased 3.3% for the quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Portfolio Size and Appraisals
BTB owns $1.2 billion of real estate; 58% of properties were externally appraised in 2025. The weighted average cap rate remained stable at 6.7% year-over-year.
Read all positive updates
Company Guidance
Management guided that leasing momentum should persist in 2026 with the expectation that the large 132,000 sq ft Montreal vacancy will find a user during 2026 and that the only known large non‑renewal is the ~100,000 sq ft Walkley Road office (lease ends end‑August, ~ $30/sq ft gross impact), while overall portfolio metrics to watch are: occupancy 91.3%, total annual leasing activity ~742,162 sq ft (new ~260–268k sq ft; renewals ~470–474k sq ft), annual average renewal rent increase 10.6% (Q renewal +6.7%; suburban office +12.4% Y/Y, +5.8% Q; necessity retail +6.4% Y/Y, +7.8% Q), notable new leases Kraft Heinz 80k, XCMG 30k, Value Village 30k, and financial/balance‑sheet parameters of $1.2B investment properties (58% externally appraised), weighted average cap rate 6.7%, mortgage debt ratio 51.3%, total debt ratio 57%, weighted avg mortgage term 2.3 years, avg mortgage rate 4.5%, liquidity >$30M (cash >$5M + $25M available), maintained distribution $0.075/quarter ($0.30 annualized) with AFFO payout ~77% and AFFO per unit $0.388 for the year, and management said it may pursue equity capital in 2026–27 to grow toward a 60% industrial target.BTB REIT Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 127.69M | 130.14M | 130.03M | 127.83M | 119.50M | 100.34M |
| Gross Profit | 72.80M | 74.77M | 75.05M | 75.38M | 70.43M | 56.34M |
| EBITDA | 58.10M | 59.45M | 75.84M | 71.30M | 63.12M | 49.58M |
| Net Income | 23.12M | 22.37M | 38.74M | 36.60M | 38.15M | 17.36M |
Balance Sheet | ||||||
| Total Assets | 1.27B | 1.24B | 1.26B | 1.23B | 1.18B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 1.45M | 5.43M | 2.47M | 912.00K | 2.40M | 7.19M |
| Total Debt | 742.55M | 729.08M | 735.24M | 724.23M | 692.15M | 687.72M |
| Total Liabilities | 775.95M | 752.95M | 761.72M | 749.99M | 717.27M | 725.48M |
| Stockholders Equity | 492.85M | 490.97M | 494.28M | 477.65M | 462.07M | 404.43M |
Cash Flow | ||||||
| Free Cash Flow | 41.86M | 37.32M | 66.00M | 70.80M | 131.95M | 56.34M |
| Operating Cash Flow | 41.93M | 37.49M | 66.00M | 70.85M | 66.24M | 56.54M |
| Investing Cash Flow | -27.96M | 1.58M | -19.58M | -46.38M | -65.71M | -71.73M |
| Financing Cash Flow | -17.98M | -36.11M | -44.87M | -25.96M | 19.48M | 13.32M |
BTB REIT Technical Analysis
Negative
4.03
Price Trends
3.82
Negative
3.94
Negative
3.81
Negative
Market Momentum
-0.05
Positive
39.88
Neutral
18.39
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTB.UN, the sentiment is Negative. The current price of 4.03 is above the 20-day moving average (MA) of 3.82, above the 50-day MA of 3.82, and above the 200-day MA of 3.81, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 39.88 is Neutral, neither overbought nor oversold. The STOCH value of 18.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BTB.UN.
BTB REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$461.91M | 4.69 | 8.56% | 6.89% | 6.06% | 45.53% | |
71 Outperform | C$254.79M | 13.58 | 8.24% | 8.65% | 0.44% | -10.34% | |
67 Neutral | C$133.88M | 12.84 | 12.17% | 6.15% | 6.18% | -44.10% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | C$328.36M | 10.11 | 4.68% | 7.37% | -3.12% | -41.32% | |
54 Neutral | C$435.14M | 18.25 | -1.91% | 3.85% | -6.31% | ― |
* Real Estate Sector Average
TSE:BTB.UN
BTB REIT
3.72
0.42
12.66%
TSE:FCD.UN
Firm Capital Property
6.90
1.36
24.44%
TSE:NET.UN
Canadian Net Real Estate Investment Trust Trust Units
6.50
1.46
28.87%
TSE:MRT.UN
Morguard Real Estate ate
6.50
0.77
13.48%
TSE:PRV.UN
PRO Real Estate Investment
6.85
1.81
35.86%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.